Chartered economist Bernard Oduro Takyi has raised doubts about the accuracy of the cedi-dollar exchange rate presented by the Finance Minister to the International Monetary Fund (IMF).
At the Annual IMF/World Bank spring meetings in Washington DC, USA, Finance Minister Dr. Amin Adam expressed optimism about Ghana’s economic outlook, stating that all necessary agreements had been made with the IMF.
Dr. Adam cited a cedi-dollar exchange rate of GHS11 to USD1, indicating the cedi’s strong performance against the dollar. However, Mr. Oduro Takyi, also a member of the opposition National Democratic Congress (NDC), contested this claim.
He argued that the actual exchange rate was GHS13.5 to USD1, accusing the Minister of providing misleading information to the IMF to portray the government in a more favorable light.
Speaking on Accra 100.5 FM’s evening news, Mr. Oduro Takyi urged the minister not to underestimate the public’s intelligence with vague economic explanations. He highlighted concerns about rising inflation, particularly in food prices, contradicting the government’s projections.
While the government projected an inflation rate of 25.8 percent, Mr. Oduro Takyi insisted that the actual rate was 28.6 percent. He emphasized that despite positive indicators in some areas, the government had failed to address key economic challenges such as debt-to-GDP ratio, exchange rates, inflation, and international reserves.
Mr. Oduro Takyi concluded by calling for a more comprehensive approach to economic management, suggesting that the economy had not fully recovered.